Mortgage Refinance Rates Today (May 2026) — All 50 States | State Loan Rates
Mortgage Refinance Rates — All 50 States (May 2026)
Last updated: May 21, 2026 · Rates updated daily
The national average 30-year refinance rate is currently 6.70% APR — typically 0.10–0.15% higher than purchase rates. Refinancing makes sense when your monthly savings exceed your closing costs within your planned stay period. Use our Refinance Break-Even Calculator to see if now is the right time for you.
30-yr refi avg
6.70%
National APR
15-yr refi avg
6.05%
National APR
vs Purchase rate
~+0.12%
Typical premium
Closing costs
2–3%
Of loan amount
Break-even
18–36 mo
Typical range
Should you refinance? Refinancing typically makes sense if you can lower your rate by at least 0.5–1% AND plan to stay long enough to recoup closing costs. Use our Refinance Break-Even Calculator to find your exact break-even month.
Refinance Rates — All 50 States
Click any state to see detailed rate comparisons and local market information.
Refinance rates are typically slightly higher than purchase mortgage rates — usually by 0.10–0.15% — because refinance loans carry slightly higher default risk in lenders’ models.
The most common reasons to refinance in 2026: lowering your rate, shortening from 30 to 15 years, switching from ARM to fixed, or tapping equity through cash-out refinance.
Cash-out vs rate-and-term refinance
A rate-and-term refinance changes your rate and/or term without taking cash out — lowest rates. A cash-out refinance lets you borrow against equity, typically at 0.25–0.5% higher rate. Cash-out refi rates are still usually lower than HELOC rates for large amounts.
As of May 2026, the national average 30-year refinance rate is approximately 6.70% APR and the 15-year refinance rate averages 6.05% APR.
When does refinancing make sense?
When you can lower your rate by at least 0.5%, your break-even is shorter than your planned stay, and you have sufficient equity. Use our Refinance Break-Even Calculator for a precise answer.
How much does it cost to refinance?
Typically 2–3% of the loan amount — $8,000–$12,000 on a $400,000 loan. Some lenders offer no-closing-cost refinances where fees are rolled into a slightly higher rate.
What is a cash-out refinance?
Replaces your mortgage with a larger loan, giving you the difference in cash. Rates are typically 0.25–0.5% higher than rate-and-term refinances but usually lower than HELOC rates.
Disclaimer: Rates shown are for informational purposes only. State Loan Rates is not a lender or broker. Always verify rates with lenders. Full disclaimer
